Start your own home-based business? Sounds pretty scary to most people, but it may not be as impossible as you think. Many home businesses have very low startup costs.
First, you need to decide what you want to do. You may have a hobby that can make money for you or you may have a skill you can sell. Or maybe you’d like to find someone else’s product and sell that. The possibilities are endless.
You need to be certain you have enough time for a business. Be realistic about the time commitment you may be making. If your children are in school, you know what hours during the day you will have available, but what about when they are sick? And if you have smaller children, can you run a business during their naptimes and after they go to bed? You do not want to run yourself down. The idea is to be there for your children, after all.
Next, you need to investigate and take care of the legal issues of running a home business. This may include a business license, seller’s permit, licensing, and more. The IRS has very useful links to the requirements for each state. You will also need to check your city and county requirements. Don’t forget to consider zoning. Some places are home business friendly, while others are not.
As you are taking care of the legal side of things, you will be finalizing such things as your business name. Make sure your name makes sense, is easy to remember and does not require explanation. Different spellings are fine, so long as you do not mind having to spell it out every time you tell somebody about your business. One thing to consider when you select a business name these days is whether or not the domain name is available. While not all home businesses are online, many people these days will at least consider starting their home business online, and will need a good domain name. The ideal domain name is, of course, the same as your business name. The popularity of the internet means that you no longer have only to worry about businesses with the same or similar names in your own area or even the entire country. A business in another city, state or even country may have already taken the domain name you want. It’s the price we pay for having access to the whole world online.
Consider how much money you will need to get started. Are there any startup costs? Day-to-day or monthly costs? Be realistic. A home business in many ways costs less than a traditional business to start, after all, you don’t have to rent a storefront or office space. However, you need to remember that there are still costs, for equipment, for supplies, for advertising, and so forth.
Most of all, you must have your family’s support. If no one is willing to help out when you are busy, even by giving you time, you will not be able to run your business from your home. Talk to your family and make sure they understand what you will be expecting from them. Listen to any advice they may have.
You can get more advice from your local Chamber of Commerce or from SCORE, an organization of retired executives.